About my 1099-b

[Alaniscott10]

So I have two 1099-B from cash app. One is of stocks the other is of Bitcoin. I am not self-employed nor do I receive these as a form of some kind of employment. I have worked as an employee through Orvis distribution co. and I then decided to invest into stocks and bitcoin by cash app direct deposit round ups and then I decided to actually start buying both stocks and Bitcoin on my own. 

[Cynthiad66]

If you sold stock or Bitcoin you must report the transactions on your Tax return.  

The Form 1099B if entered accurately into TurboTax will provide necessary information for computing your taxable transactions.  You will have to provide the cost basis of the Bitcoin sales because the form 1099B  will not capture that.

Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities.

Here's where you enter or import your 1099-B in TurboTax:

1. Open (continue) your return, if you haven't already
2. Locate the search bar. Search for 1099-B, then select the Jump to link in the search results
3. Select Okay! on the screen Time to kick off your investments! OR Yes on the screen Did you sell any of these investments? then Continue
   • If you see Your investments and savings or Your investment sales summary, select Add investments or Add more sales
4. When you reach Let's import your tax info, choose how you want to enter your 1099-B:
   • To import your form, select your brokerage or financial institution from the list. Enter your sign-in credentials for your account, then select Get my form
   • If you want to enter your 1099-B manually, select Enter a different way, then select your investment type on the next screen
5. On the following screens, answer the questions about your 1099-B
6. When you reach the Review your sales screen, the form you just entered should be listed
   • If you need to add another 1099-B, select Add another sale. Otherwise, Continue

If you have sold Bitcoin on Cash App during the calendar year, Cash App will provide you with an IRS Form 1099-B.

 The proceeds box amount on the IRS Form 1099-B shows the net cash proceeds from your Bitcoin sales. This means that it shows the total value of your Bitcoin sales for the calendar year BUT DOES NOT account for how much you paid to buy the Bitcoin (your cost basis).  You should have records of your costs.

This is a great link for additional information.  Cash APP and Bitcoin Taxes

Cryptocurrency Guide

[Alaniscott10]

So I've already filed my return after February 15th (and it was accepted)... then I amended my return once I had found out that I had been emailed a missing W-2... Then I was emailed by cash app about my 1099's. which I hadn't known that I needed to file --because have never received cash app Bitcoin and stock 1099-B's until this year. I only started investing more by the end of 2021 --that year I hadn't invested as much, but as for 2022 I have invested more.

[DavidD66]

You will need to amend your return again; however, you should not do so until your first amended return has been processed and you have received any expected refund.  The IRS will notify you if the changes in your amended return are accepted.  Then you can amend again to add your Forms 1099-B.  Now that you know you to expect Forms 1099-B, you will need to wait to you have received them before filing in the future.  Also be aware, Forms 1099-B often get corrected.  If you are receiving a Form 1099-B each year, you might want to wait a while before filing in order to avoid filing amended returns.